# Silver Price Forecast 2026–2027

Published bank forecasts for silver, the factors behind them, and what has moved the price since its record in January 2026.

**Live prices:** The silver spot price is 51.54 USD per troy ounce as of Nov 10, 2026, 17:01 EST.

_Last updated: November 10, 2026_

## Important Disclaimer

This forecast is for **informational and educational purposes only** and should not be considered financial advice. Silver prices are influenced by numerous unpredictable factors including economic policy changes, industrial demand, geopolitical events, and market sentiment.

Past performance does not guarantee future results. Always consult with a qualified financial advisor before making investment decisions, and only invest what you can afford to lose. GoldTrack does not provide investment advice and is not a registered investment advisor.

## Current Market Snapshot

Track the [live silver price chart](https://goldtrack.io/silver) for updates every minute, and the [gold/silver ratio](https://goldtrack.io/gold-silver-ratio) to see how silver is priced against gold.

## What's Moving Silver Now

Silver has been far more volatile than gold in 2026. The main moves so far, with sources:

- **Record high, January 29:** Silver hit an all-time high above $121 an ounce, according to the [Silver Institute](https://silverinstitute.org/elevated-lease-rates-regional-liquidity-tightness-and-robust-investor-interest-resulted-in-record-silver-prices-in-2025/). Published figures differ by source and contract: Kitco reported an intraday high of $121.785 on March Comex futures. [(Kitco)](https://www.kitco.com/news/article/2026-01-29/gold-silver-back-down-record-highs-profit-taking)
- **Crash, January 30:** The next day silver fell more than 30% at one point before recovering part of the loss. Kitco attributed the drop to technical selling after an overextended rally, made worse by shifting interest-rate expectations. It came the same day President Trump named Kevin Warsh as his nominee for Fed chair. [(Kitco)](https://www.kitco.com/news/article/2026-01-30/gold-silver-selloff-was-inevitable-after-januarys-explosive-rally-broader)
- **Third quarter:** Silver fell 14% in the third quarter and edged lower in October, which the World Bank put down to easing physical market tightness, higher interest rates and a stronger dollar. [(World Bank, October 2026)](https://documents1.worldbank.org/curated/en/099741210282619392/pdf/IDU-e91881a0-52ca-4623-a28d-63c23120bfcf.pdf)
- **Below $50, October 30:** Two days after the Fed held its target range at 3.75% to 4%, silver fell below $50 an ounce for the first time since November 2025. [(Reuters, via Kitco)](https://www.kitco.com/news/off-the-wire/2026-11-02/gold-rises-over-1-one-year-low-softer-oil-prices-us-midterms-focus) [(CNBC)](https://www.cnbc.com/2026/10/29/gold-slips-as-markets-assess-fed-signals-await-us-inflation-data.html)
- **One-year low, November 3:** Silver dropped to about $48.60, which Commerzbank called its lowest level in almost a year. The bank called the weakness exaggerated, pointing to large Indian import approvals and higher Chinese imports. [(Commerzbank, via FXStreet)](https://www.fxstreet.com/news/silver-price-decline-seen-as-excessive-commerzbank-202611031500)
- **October inflation data, November 10:** Kitco reported that consumer prices rose 0.4% in October against a forecast of 0.3%, and core prices rose 0.3% against 0.2%. Silver fell about 3% in early U.S. trading as markets priced in a quarter-point Fed rate increase at the December 8–9 meeting. [(Kitco)](https://www.kitco.com/news/article/2026-11-10/gold-silver-retreat-high-core-cpi-lifts-december-fed-hike-odds-kitco-am)

## Silver Price Outlook: Late 2026 and 2027

### What banks and institutions forecast

Bank forecasts for silver diverge widely, and most have been cut since the spring. Here are the latest published figures we could verify, with the date each was published or reported. All of them predate silver’s drop below $50 on October 30, 2026:

- **World Bank** (Commodity Markets Outlook, released Oct 28, 2026; data to Oct 14) - silver to average $70/oz in 2026, $62/oz in 2027 and $58/oz in 2028. [(World Bank)](https://documents1.worldbank.org/curated/en/099741210282619392/pdf/IDU-e91881a0-52ca-4623-a28d-63c23120bfcf.pdf) [(Kitco)](https://www.kitco.com/news/article/2026-11-05/world-bank-sees-gold-holding-above-4000-through-2028-warns-silver-faces)
- **UBS** (reported Sept 27, 2026; restated in a note reported Oct 24, 2026) - $70/oz by December 2026, $75/oz in March and June 2027, and $80/oz by September 2027. [(Yahoo Finance)](https://finance.yahoo.com/markets/commodities/articles/ubs-forecasts-silver-80-september-142821460.html) [(Investing.com, via Yahoo Finance)](https://finance.yahoo.com/markets/commodities/articles/silver-recover-latest-sell-off-210417888.html)
- **J.P. Morgan** (published Aug 13, 2026) - average of $63/oz in Q4 2026, $70.6/oz for 2026 as a whole and $63.9/oz for 2027, cut from $90, $84.3 and $85.8 in May. [(J.P. Morgan)](https://www.jpmorgan.com/insights/global-research/commodities/silver-prices)
- **Citi** (reported Aug 12 and 14, 2026) - $75/oz over 0–3 months and $90/oz over 6–12 months, both unchanged at the time. [(Investing.com, via Yahoo Finance)](https://finance.yahoo.com/markets/commodities/articles/silver-could-surge-90-investment-112942386.html) [(TheStreet, via Yahoo Finance)](https://finance.yahoo.com/markets/commodities/articles/citi-doubles-down-silver-pullback-183300222.html)
- **Commerzbank** (reported July 28, 2026) - year-end 2026 target of $67/oz, lowered from $80/oz. [(Kitco)](https://www.kitco.com/news/article/2026-07-28/commerzbank-downgrades-gold-and-silver-prices-middle-east-conflict-takes) [(FXStreet)](https://www.fxstreet.com/news/silver-forecast-cut-but-deficit-supports-upside-commerzbank-202607281942)
- **OCBC** (reported June 30 and July 4, 2026) - year-end 2026 forecast of $67/oz, lowered from $89.50/oz; $74/oz by September 2027. [(Investing.com)](https://www.investing.com/news/commodities-news/ocbc-slashes-end2026-gold-silver-forecasts-as-higher-real-yields-cloud-outlook-4766935) [(Yahoo Finance)](https://finance.yahoo.com/markets/commodities/articles/ocbc-cuts-gold-silver-forecasts-135236505.html)
- **HSBC** (reported May 14, 2026) - average of $75/oz in 2026 and $68/oz in 2027; year-end targets of $70/oz for 2026 and $65/oz for 2027. [(Yahoo Finance)](https://finance.yahoo.com/markets/commodities/articles/hsbc-raises-silver-forecasts-2026-113000675.html) [(Investing.com)](https://uk.investing.com/news/commodities-news/hsbc-raises-silver-price-targets-for-2026-and-2027-but-sees-limited-upside-4677918)

| Bank | Published or reported | Late 2026 | 2027 |
| --- | --- | --- | --- |
| World Bank | Oct 28, 2026 | $70 (2026 average) | $62 (2027 average) |
| UBS | Sept 27 and Oct 24, 2026 | $70 (by December) | $75 (March and June), $80 (September) |
| J.P. Morgan | Aug 13, 2026 | $63 (Q4 average) | $63.9 (full-year average) |
| Citi | Aug 12 and 14, 2026 | $75 (0–3 months) | $90 (6–12 months) |
| Commerzbank | July 28, 2026 | $67 (year-end) | No confirmed figure |
| OCBC | June 30 and July 4, 2026 | $67 (year-end) | $74 (by September) |
| HSBC | May 14, 2026 | $70 (year-end) | $65 (year-end), $68 (full-year average) |

**Note:** Forecasts are as of the dates shown and reflect conditions at that time; none of them yet reflects the late-October fall below $50. Banks revise them frequently, so check the latest research before relying on any figure. This page is not investment advice.

### Key Factors Driving Silver

- **Fed policy and real rates:** Silver pays no yield, so higher interest rates raise the cost of holding it; J.P. Morgan cited hawkish Fed policy when it cut its forecasts. The Fed held rates on October 28, 2026, and markets now expect an increase in December. Watch decisions on the [FOMC calendar](https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm) and monthly [CPI data](https://www.bls.gov/cpi/).
- **US dollar:** Silver is priced in dollars, so a stronger dollar makes it more expensive for buyers using other currencies. The World Bank named dollar appreciation as one reason silver fell in the third quarter of 2026.
- **Gold and the gold/silver ratio:** Silver tends to follow gold with bigger swings; UBS describes it as "a higher-beta version of gold." A [study for the Silver Institute](https://silverinstitute.org/goldsilver-ratio-continues-to-be-relevant-in-the-modern-era/) found the ratio has tended to revert to about 60:1 since 1970, and J.P. Morgan expects it around 75 over 2027. See the [current gold/silver ratio](https://goldtrack.io/gold-silver-ratio) and the [gold price forecast](https://goldtrack.io/gold-price-forecast).
- **Industrial demand:** Industry accounts for more than half of silver demand. The Silver Institute expects industrial demand to fall 3% in 2026, mainly because of a marked slowdown in solar panel demand for silver as manufacturers use less of it (thrifting) or replace it. J.P. Morgan expects solar silver demand to drop about 30% this year. The World Bank expects growth in electronics, data centers, automotive uses and power infrastructure to partly offset this.
- **Supply deficit:** The [Silver Institute's World Silver Survey](https://silverinstitute.org/elevated-lease-rates-regional-liquidity-tightness-and-robust-investor-interest-resulted-in-record-silver-prices-in-2025/) (April 15, 2026) projected a 2026 deficit of 46.3 million ounces, with mine production flat. In October, its research partner Metals Focus said it expects the deficit to narrow this year and the market to move into surplus in 2027. [(Kitco)](https://www.kitco.com/news/article/2026-10-29/silver-could-see-further-losses-against-gold-physical-market-weakens-metals)
- **Indian demand:** India has issued permits to import about 6,500 tonnes of silver over six months, roughly 90% of what it imported in all of 2025, after imports fell 32% in the first nine months of 2026, according to Heraeus. Heraeus cautions that much of the allowance may go unused if local demand stays weak. [(Kitco)](https://www.kitco.com/news/article/2026-11-02/gold-and-silver-prices-surge-after-sharp-selloff-india-set-ramp-silver)

### Risks in Both Directions

- **Further rate increases:** More Fed hikes, higher real yields or a stronger dollar would add to the pressure on silver.
- **Faster substitution:** The World Bank lists rapid substitution away from silver in solar panels, and weaker global growth, as downside risks.
- **Safe-haven demand:** The World Bank also notes that rising geopolitical or trade tensions could lift demand for gold and silver beyond its baseline.
- **Volatility:** Silver moves more sharply than gold in both directions, as the January 30 crash showed. Forecasts made weeks earlier can be overtaken quickly.

## Supply and Demand into 2027

Forecasters disagree on whether the silver market will stay short of metal:

- **Surplus view:** Metals Focus expects a surplus in 2027. The World Bank expects demand to soften over 2027–28 and modest mine growth plus more recycling to ease tightness.
- **Deficit view:** Citi said in August 2026 that it expects the market to stay in deficit through 2027.
- **Investment demand:** The Silver Institute expected coin and bar demand to rise 18% in 2026, while Metals Focus reported in October that silver ETP holdings had fallen by about 60 million ounces since the start of the year.

## Price Scenarios

| Scenario | What would drive it |
| --- | --- |
| Bull Case | Fed tightening ends sooner than expected, a weaker dollar, a gold rally, renewed investor buying, a persistent supply deficit |
| Base Case | Silver tracks gold, industrial demand softens slowly, the deficit keeps narrowing |
| Bear Case | Further rate increases, a stronger dollar, faster solar thrifting, weaker global growth, a move into surplus |

The bank forecasts above show the range of published targets. These scenarios describe what could move the price and are not price predictions.

## Investment Implications

### For Long-term Investors (5+ years)

Some investors hold a small share of their portfolio in silver for diversification. Common ways to do this are:

- Physical silver (coins, bars)
- Silver ETFs
- Silver mining stocks

Compare the two metals in our [gold vs silver guide](https://goldtrack.io/gold-vs-silver).

### What to Watch

Data releases that have moved silver:

- Federal Reserve policy announcements ([FOMC calendar](https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm))
- Monthly inflation data releases ([CPI reports](https://www.bls.gov/cpi/))
- Supply and demand data ([Silver Institute](https://silverinstitute.org/elevated-lease-rates-regional-liquidity-tightness-and-robust-investor-interest-resulted-in-record-silver-prices-in-2025/))
- The [gold/silver ratio](https://goldtrack.io/gold-silver-ratio)

## Related Resources

- [Live Silver Price Chart](https://goldtrack.io/silver): Track live silver prices with interactive charts
- [Gold/Silver Ratio](https://goldtrack.io/gold-silver-ratio): How many ounces of silver one ounce of gold buys, by year
- [Gold Price Forecast](https://goldtrack.io/gold-price-forecast): Bank forecasts and drivers for gold in 2026–2027
- [Gold vs Silver Comparison](https://goldtrack.io/gold-vs-silver): Compare investment characteristics of gold and silver